The Eurozone currency declined by 61 pips or 0.49% against the Japanese Yen on Tuesday. A breakout occurred through the lower boundary of an ascending channel pattern during yesterday’s trading session.
Given that a breakout had occurred, bearish traders could continue to pressure the EUR/JPY exchange rate lower during the following trading session. The potential target would be at the 123.00 level.
However, the currency exchange rate is likely to make a brief retracement towards the 124.20 area in the shorter term.
